FIRST QUARTER 2018 RESULTS

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1 FIRST QUARTER 2018 RESULTS Christian Nørgaard Madsen, CEO Anne Harris, CFO

2 DISCLAIMER This presentation includes forward-looking statements which are based on our current expectations and projections about future events. All statements other than statements of historical facts included in this presentation, including statements regarding our future financial position, risks and uncertainties related to our business, strategy, capital expenditures, projected costs and our plans and objectives for future operations, including our plans for future costs savings and synergies may be deemed to be forward-looking statements. Words such as believe, expect, anticipate, may, assume, plan, intend, will, should, estimate, risk and similar expressions or the negatives of these expressions are intended to identify forward-looking statements. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. You should not place undue reliance on these forward-looking statements. In addition any forwardlooking statements are made only as of the date of this notice, and we do not intend and do not assume any obligation to update any statements set forth in this presentation.

3 INTRODUCTION AND HIGHLIGHTS Christian Nørgaard Madsen, CEO

4 Highlights multiconsult.no Significant calendar effect in Norway reduced revenues and EBIT by approximately NOK 70 million Profitability improvement program on track with tangible improvement already in Regions Norway LINK arkitektur continues to generate improved profitability Group-wide billing ratio at a satisfactory level Significant contract awards in the quarter Stable order backlog at NOK 2.2 billion Spetalen School Photo: Hundven-Clements Photograhy

5 Financial summary 2018 Net operating revenues up 7.4 % y-o-y to NOK million - Higher production due to acquisition of the Hjellnes group and Iterio AB - Billing ratio increased to 70.6% (68.4%) - Significant calendar effect of approximately NOK 70 million - Organic growth in net operating revenues down 3.8% adjusted for calendar effect up 4.8 % EBIT of NOK 36.1 million, 4.2 % margin Adjusted for the calendar effect, EBIT margin is 11.3 % in the quarter. Bus Lane Stavanger Sandnes Photo: Hundven-Clements Photograhy

6 Status profitability improvement program Area of improvement Ambitions Status Comments on achievements since baseline 1 January 2018 Sales - Further develop strategic sales team - Key account management (KAM) program - Prioritised tendering - Stricter pricing criteria - Order intake Regions Norway and increased group order backlog - KAM program in progress - Significant frame agreement awards - Moderate increase in billing rates, still price pressure Billing ratio - Increased sales - Aligned procedures - Reduce internal activity - No integration of new acquisitions in Norway Project execution - Continue already established programs - Improve client communication - Benefit from improved transportation market - Improved billing ratio in all segments - Aligned procedures implemented - Low internal activity, but reorganisation in Greater Oslo Area - No new acquisitions - Net write-downs reflect a normal level of 1-2% of revenues - Fifth project management training programme completed - Best value procurement- and EPC project execution models Efficiency gains - Release synergies from new ERP system - Fully integrate existing acquisitions - Further focus on cost reduction - Manning control - ERP system gradually improved - Integration of the Hjellnes group according to plan - Operating expenses reduced in Greater Oslo Area and Regions Norway - Manning control resulting in stable headcount in Greater Oslo and Regions Norway

7 Key ongoing projects 2018 multiconsult.no Campus Ås Neelum Jhelum Tønsberg Hospital Fornebubanen InterCity Fredrikstad - Sarpsborg Campus Ås Illustration: Henning Larsen Architects / ØKAW arkitekter

8 Order intake 2018 Buildings & Properties Transportation Renewable Energy Water & Environment Industry Cities & Society Oil & Gas MNOK 2018 Order intake NOK million, up 2.6 % y-o-y Calendar effect impacts order intake Continued strong tender pipeline Key order intake RV 3 and 25 Bus lane Stavanger - Sandnes New Airbase Ørland Mosjøen power system Campus Ås

9 Order backlog development and overview per business area multiconsult.no MNOK Q 3Q 2Q 3Q 2018 Order backlog up 13.2 % y-o-y to NOK million Call-offs on frame agreements not included before signing Oil & Gas Industry Renewable Energy Haakonsvern, Forsvarsbygg Water & Environment Cities & Society Transport Buildings & Property

10 Organisation employees at 31 March Group employee turnover at 5.9 % A new organisational structure of The Greater Oslo Area in effect from 1 March Comprehensive reorganisation and integration process - More than employees involved Universum annual rankings - More attractive employer than ever with top 3 ranking for both engineering students and engineering professionals in Norway - Industry leader for sixth consecutive year Universum student ranking Engineering/Natural Sciences Norway Employer Per cent Rank Statoil 24,98% 1 - Kongsberg Gruppen 16,80% 2 - Multiconsult 16,76% 3 - Aker Solutions 13,85% 4 Norconsult 13,35% 5 Sintef 11,19% 6 Sweco 10,88% 7 Rolls-Royce 10,73% 8 Hydro 10,03% 9 - Forsvaret 9,50% 10

11 FINANCIAL REVIEW Anne Harris, CFO

12 Financial highlights 2018 multiconsult.no MNOK Net Operating Revenues Calendar effect NOK million Growth from acquisitions Calendar effect Net project write-downs Billing rates modest increase 72% 70% 68% Billing ratio Billing ratio at 70.6 % up by 2.2 ppt y-o-y LINK and Regions Norway drive improvement % Q 3Q 2Q 3Q % Q 3Q 2Q 3Q 2018 MNOK EBIT, underlying Calendar effect NOK 36.1 million Increased opex in line with headcount Number of employees 15.8% Up 15.8 % y-o-y to employees Organic growth 4.6 % Q 3Q 2Q 3Q Q 3Q 2Q 3Q 2018

13 EBIT Bridge Y-O-Y multiconsult.no MNOK EBIT Increased Employee Billing ratio Write-downs Other opex Calendar effects Other effects EBIT 2018 capacity benefit expenses

14 Segments 2018 Greater Oslo Area 2018 Change Calendar adjusted EBIT MNOK % 47.2 EBIT margin % 2.9 % 14.9 % 11.9 pp 11.0 % Billing ratio 69.6 % 67.8 % 1.8 pp Number of employees % International 2018 Change EBIT MNOK % EBIT margin % 10.5 % 28.2 % 17.7 pp Billing ratio 75.7 % 73.3 % 2.4 pp Number of employees % Regions Norway 2018 Change Calendar adjusted EBIT MNOK % 42.5 EBIT margin % 4.9 % 8.0 % 3.1 pp 13.8 % Billing ratio 69.9 % 66.7 % 3.2 pp Number of employees % LINK arkitektur 2018 Change EBIT MNOK % EBIT margin % 9.0 % 6.8 % 2.2 pp Billing ratio 76.1 % 71.7 % 4.4 pp Number of employees %

15 Operating revenues by business area 2018 multiconsult.no Multiconsult group Buildings & Properties Transportation Renewable Energy Water & Environment Industry Cities & Society Oil & Gas % of total 46.4 % 22.3 % 12.2 % 7.0 % 5.4 % 4.1 % 2.6 % 2018 MNOK Change y-o-y 14.5 % 19.7 % 14.6 % 11.3 % 38.4 % 1.7 % 25.7 % 40.5 %

16 Cash flows Cash flow from operations impacted by Calendar effect NOK MILLION Change in working capital driven by Increased receivables due to increased production Investments include Ordinary asset replacement Financing Higher level of interest bearing debt 0 Cash beginning of the year CF from operations Change in working capital CF to investments CF from financing Currency Cash YTD

17 Outlook multiconsult.no The overall market outlook shows signs of positive development across all business areas - Supported by industry consensus from RIF economic survey Continued strong competition and price pressure on large projects - Market rates have increased in Norway, regional variation Stronger combination of professional capability and stable order backlog Market outlook 6 month perspective industry consensus* 100% 90% 80% 70% 60% 50% 40% Active and systematic implementation of the GO strategy with clear emphasis on profitability Profitability program systematically implemented in daily operations - Close management follow-up on all levels Spring 2015 Fall 2015 Spring Fall Spring Fall Larger market Unchanged market Smaller market Spring % 20% 10% *RIF: Economic survey 2018

18 FINANCIAL CALENDAR Dividend payment 25 May Q 2018 results 23 Aug Q 2018 results 8 Nov 2018

19 Q&A FOURTH QUARTER RESULTS Christian Nørgaard Madsen, CEO Anne Harris, CFO

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